Question 2 (marks 25) XYZ Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: 1. 2. 3. 4. The budgeted selling price per unit is $80. Budgeted unit sales for June, July, August, and September are 9,400, 20,000, 13,000, and 10,000 units, respectively. All sales are on credit. 30% of credit sales are collected in the month of the sale and 70% in the following month. The ending finished goods inventory equals 20% of the following month's unit sales. The ending raw materials inventory equals 15% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $4.00 per pound. Requirements: 1. Prepare a sales budget for July? 2. What is the accounts receivable balance at the end of July? 3. According to the production budget, how many units should be produced in July